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Do you want to be a millionaire?

Wednesday, September 28, 2011

Many people would like to be millionaires. There is something magical about having a million dollars in our bank account, it seems.

Of course, when we think about it, a million dollars these days is really not a big deal, especially when a DBSS flat in Tampines could cost almost as much!


I read an article in China Daily recently which is titled "After making a fortune, millionaires find a gaping vacuum in their lives". 

The article makes me wonder how many actually lost themselves in money making frenzies and, in the process, forgot why they want to be rich in the first place.

In China, it is almost as dangerous to be rich as it is to be a police officer as between "2008 and 2010 nearly two in every 10,000 multi-millionaires with a net worth of more than 100 million yuan lost their lives; for police officers, the country's most dangerous occupation, the death rate is three in every 10,000...

"Out of the 72 multi-millionaires and billionaires who have died in the past eight years, 19 died from illness; the rest died of unnatural causes...

"Of the 17 millionaires and billionaires who killed themselves over the past eight years, the average age was 50..."

The article made an interesting statement by saying the 

"poor can always nurse the hope of a better life.." 

while 

"wealthy entrepreneurs.. become confused over their original aim of making money."

Do you still want to be a millionaire? ;p

Related posts:
Passive income: A higher purpose.
No change to my plan as I plan changes to my life.

A wealthy doctor was strangled, shot and stabbed in his Florida mansion.

14 comments:

financialray said...

It depends on how you became a millionaire.
If you become a millionaire via unscrupulous means, then you will reap what you sow. You can cheat, lie, rob, blackmail, prostitute or be illegal bookie to make tonnes of cash but devoid of a soul. Conscience will prick your heart even if you do not get your caught.
What are the values your children will learn from you?
If you become a millionaire through sheer hard work , discipline and good morals, you become an inspiration for your family members, relatives and friends.
Life is a matter of choice and relativity. Without financial freedom, life can be without many choices but you do not necessarily have to be a millionaire to be happy. The end does not justify the means.

AK71 said...

Hi finacialray,

One of my students told me his father is a bookie and he also brings people to casinos, encouraging them to gamble. I think they are called junkets.

When I searched online for what junkets do, I was shocked.

"Each junket operator will get a different commission structure from the casino based on the theoretical win of the casino; the potential loss of their customer." Source: http://www.thecasinoroyale.com.sg/junket-operators.html

His dad seems to be doing well enough. They have a fully paid condominium, a Mercedes Benz B- class and is able to send my student to the U.K. to read law (which seems ironical to me actually).

I shared my thoughts with my student on why I think what his father is doing is wrong. I think deep inside him, he knows it too but he said his father is happy. I decided not to say more. He is proud of his family's wealth. He must have thought of me as a wet blanket.

Definitely, parents must set good examples for their children to follow. Teachers can only do so much.

Anonymous said...

i remember reading this somewhere;
the term "millionaire" was coined in the 60s
at that time, someone with US$1mil will be able to live out the rest of his life rather comfortably w/o having to continue working
but that was in the 60s... so taking inflation into account, that would be ~US$16mil nowadays

and so, for everyone whose on the journey to achieving US$1mil nett (or ~S$1.3mil), i always believe that one should have an enjoyable but yet challenging route.
afterall... its about the journey and not the destination..

tw

AK71 said...

Hi tw,

That certainly puts things in perspective for us. $16m. Wow!

Yes, the journey is important. Just like what financialray said, the means are just as important as the end.

SnOOpy168 said...

give me that million $ in the bank account 1st. the rest will come later.

assuming that this million is not gotten via illegal means, I won't feel bad about having it either.

AK71 said...

Hi SnOOpy168,

Continue doing all the right things and I am sure you will have that $1m in time.

Like what tw said, $1m is not what it used to be but it continues to have a timeless allure.

So, perhaps, it is really the process of getting there that is more important. :)

Anonymous said...

And after achieving that million or a few millions,

our next thought might be "after we are gone" :
to be able to leave behind sufficient sums so that as many as possible, of the love ones left behind - can enjoy a more comfortable livelihood, hopefully for the rest of their lives.

AK71 said...

Hi Anonymous,

That is a very caring and also a very Asian thought, I believe.

I have been told so many times before that American parents want their kids out of their house once they start working while Asian parents want their kids to stay with them for as long as possible. :)

SnOOpy168 said...

for me, it is always a little more (asset, $$ etc).

it is still possible to be reasonably comfortable with S$1m worth of REITs paying 8% yield. So we are still not that far off the mark. Except perhaps, it is no longer possible to buy properties by the doz like Cavin does.

In the end, I treasure health, friendship & well being, way above $$$ (not that I can live without $$$ nor have too much of it).

S$1m, pray hard that I have eyes to see & feel to reach this goal. If AK can do it, so can I right ? Not really, he has a 10 years head start. Whereas I just started last year... :-(

AK71 said...

Hi SnOOpy168,

Yes, I really think that if I can do it, you can too. :)

Unless life has been exceptionally cruel to us, I believe all of us have the ability to do it. What remains is to ask if we have the will to do it.

At 40, it is not really too late to start. Just have to be patient and know that the journey is likely to span quite a number of years. It gets easier over time. It is always toughest at the start. :)

gr said...

If it comforts you i just started packing my capital up this year feb.

AK71 said...

Hi gr,

Packing your capital up? I am afraid I don't understand what you mean. Could you elaborate? :)

INVS 2.0 said...

Hi AK71,

These people just need to achieve the rich man's state of mind to live peacefully with their money. Many rich goes broke because they still think and behave like poor men.

It's the mentality!

AK71 said...

Hi INVS 2.0,

I don't know enough rich people to be able to comment on what you have said. ;p

However, with wealth comes some advantages and probably headaches previously unknown.

A change in status will require adjustments, for sure. Life will always seek equilibrium and if we were to deny such equilibrium, we would definitely suffer one way or another.

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